Euronext-listed AXA Group to acquire 100% of CIL in EGP 763 mn all-cash transaction. | Enterprise

Sunday, 12 July 2015

Euronext-listed AXA Group to acquire 100% of CIL in EGP 763 mn all-cash transaction.

AXA announced late yesterday that it is acquiring 100% of Commercial International Life Insurance Co. (CIL), the third-largest life and savings insurance player in Egypt with a 15% market share. The selling parties are leading private-sector bank CIB (45% stake) and Legal & General (55%). As part of the agreement, AXA will enter in to an exclusive 10-year life and savings distribution agreement with CIB in Egypt; the partnership will focus on unit-linked, protection and health insurance. AXA will pay to CIB an access fee and commissions under the bancassurance agreement, the insurer noted in an emailed statement. AXA plans to offer life, health as well as property and casualty insurance covers to individuals, SMEs and corporate clients. AXA Group serves 103 mn clients in 59 countries and closed FY2014 with a top line of EUR 92 bn; the group had AUM of EUR 1.3 bn at the end of 2014. CI Capital Investment Banking acted as the exclusive financial advisor to Legal & General and CIB on the transaction. Check out coverage in the domestic press or in French, or read the AXA Press Release (pdf download).

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